Rents are rising and the interest rates are still at an all time low.
A blueprint for buying a home in Portland
Are you still renting? It's hard to rent when home decorating and renovation are top topics on television and in the news. It's even harder to know you are getting no return on rent while you wait for the right time to move forward. What you may not realize is that now is probably your time to buy.
Several conditions are in favor of buying now.
* Rents are rising everywhere. With a fixed-rate mortgage, however, your housing costs never rise.
* Pricing is favorable. You have successfully skipped over the time when home prices were in the highest in years.
* Interest rates are low. It's possible to get a 20- or 30-year mortgage at 6 percent interest or less. And you will find that you don't need a high down payment.
* The selection of available homes has never been better.
* Remember the tax breaks. The mortgage-interest deduction is one of the biggest tax breaks most homeowners have, according to the U. S. Office of Management and Budget.
Many home sellers are interested in making their move before school starts in fall. On an annual basis, the timing has never been better. Another factor that could influence your selection: People with homes that were financed with variable interest rates often want to sell when their interest rates rise or before they rise again.
